Kornitzer Capital Management Inc. KS reduced its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 94.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,261 shares of the semiconductor manufacturer’s stock after selling 21,770 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Broadcom were worth $311,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Birinyi Associates Inc. grew its stake in shares of Broadcom by 25.0% in the third quarter. Birinyi Associates Inc. now owns 1,250 shares of the semiconductor manufacturer’s stock worth $308,000 after purchasing an additional 250 shares during the last quarter. Hoylecohen LLC grew its stake in shares of Broadcom by 2.2% in the third quarter. Hoylecohen LLC now owns 12,043 shares of the semiconductor manufacturer’s stock worth $2,971,000 after purchasing an additional 262 shares during the last quarter. Congress Asset Management Co. MA grew its stake in shares of Broadcom by 0.9% in the third quarter. Congress Asset Management Co. MA now owns 34,263 shares of the semiconductor manufacturer’s stock worth $8,454,000 after purchasing an additional 305 shares during the last quarter. D.A. Davidson & CO. grew its stake in shares of Broadcom by 1.0% in the third quarter. D.A. Davidson & CO. now owns 30,800 shares of the semiconductor manufacturer’s stock worth $7,600,000 after purchasing an additional 309 shares during the last quarter. Finally, Beaumont Financial Partners LLC grew its stake in shares of Broadcom by 28.0% in the third quarter. Beaumont Financial Partners LLC now owns 1,461 shares of the semiconductor manufacturer’s stock worth $361,000 after purchasing an additional 320 shares during the last quarter. 85.22% of the stock is currently owned by hedge funds and other institutional investors.

In other news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction that occurred on Monday, October 15th. The shares were sold at an average price of $231.03, for a total transaction of $4,620,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kirsten M. Spears sold 1,194 shares of Broadcom stock in a transaction that occurred on Friday, September 28th. The shares were sold at an average price of $246.52, for a total transaction of $294,344.88. The disclosure for this sale can be found here. Insiders have sold 61,194 shares of company stock valued at $14,266,145 over the last quarter. Company insiders own 3.30% of the company’s stock.

Several analysts recently issued reports on the company. Mizuho reissued a “buy” rating on shares of Broadcom in a research note on Friday, October 5th. Piper Jaffray Companies set a $293.00 target price on Broadcom and gave the stock a “buy” rating in a research note on Tuesday, September 25th. Deutsche Bank cut their target price on Broadcom from $310.00 to $300.00 and set a “buy” rating on the stock in a research note on Monday. BidaskClub raised Broadcom from a “hold” rating to a “buy” rating in a research note on Friday, September 21st. Finally, ValuEngine raised Broadcom from a “sell” rating to a “hold” rating in a research note on Saturday, November 10th. Nine equities research analysts have rated the stock with a hold rating and thirty have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $286.16.

AVGO stock opened at $227.24 on Friday. Broadcom Inc has a 52-week low of $197.46 and a 52-week high of $275.70. The company has a market cap of $95.94 billion, a PE ratio of 15.89, a price-to-earnings-growth ratio of 1.00 and a beta of 1.03. The company has a quick ratio of 3.42, a current ratio of 3.98 and a debt-to-equity ratio of 0.64.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 6th. The semiconductor manufacturer reported $5.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $5.58 by $0.27. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. The firm had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.40 billion. During the same period last year, the business earned $4.59 earnings per share. The business’s revenue was up 12.4% on a year-over-year basis. Sell-side analysts predict that Broadcom Inc will post 18.09 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Wednesday, December 19th will be issued a dividend of $2.65 per share. This represents a $10.60 annualized dividend and a dividend yield of 4.66%. This is a positive change from Broadcom’s previous quarterly dividend of $1.75. Broadcom’s dividend payout ratio (DPR) is presently 48.95%.

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Broadcom Company Profile

Broadcom Inc designs, develops, and supplies a range of semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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